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PALMER ELECTRIC CASH BALANCE PLAN 401k Plan overview

Plan NamePALMER ELECTRIC CASH BALANCE PLAN
Plan identification number 002

PALMER ELECTRIC CASH BALANCE PLAN Benefits

401k Plan TypeDefined Benefit Pension
Plan Features/Benefits
  • Cash balance or similar plan - Plan has a "cash balance" formula. For this purpose, a "cash balance" formula is a benefit formula in a defined benefit plan by whatever name (for example, personal account plan, pension equity plan, life cycle plan, cash account plan, etc.) that rather than, or in addition to, expressing the accrued benefit as a life annuity commencing at normal retirement age, defines benefits for each employee in terms more common to a defined contribution plan such as a single sum distribution amount (for example, 10 percent of final average pay times years of service, or the amount of the employee's hypothetical account balance).
  • Master plan - A pension plan that is made available by a sponsor for adoption by employers; that is the subject of a favorable opinion letter; and for which a single funding medium (for example, a trust or custodial account) is established for the joint use of all adopting employers.

401k Sponsoring company profile

PALMER ELECTRIC, INC. has sponsored the creation of one or more 401k plans.

Company Name:PALMER ELECTRIC, INC.
Employer identification number (EIN):880361721
NAIC Classification:238210
NAIC Description:Electrical Contractors and Other Wiring Installation Contractors

Form 5500 Filing Information

Submission information for form 5500 for 401k plan PALMER ELECTRIC CASH BALANCE PLAN

Plan id# Filing Submission Date Name of Administrator Date Administrator SignedName of Company SponsorDate Sponsor Signed
0022023-01-01PHILLIP PALMER2024-09-27
0022022-01-01PHILLIP PALMER2023-10-03
0022021-01-01PHILLIP PALMER2022-10-06

Financial Data on PALMER ELECTRIC CASH BALANCE PLAN

Measure Date Value
2025 : PALMER ELECTRIC CASH BALANCE PLAN 2025 401k financial data
Total liabilities as of the end of the plan year2025-10-130
Total liabilities as of the beginning of the plan year2025-10-130
Total expenses incurred by plan in this plan year2025-10-132931
Net assets as of the end of the plan year2025-10-13731452
Total assets as of the beginning of the plan year2025-10-13519722
Participant contributions to plan in this plan year2025-10-130
Other contributions to plan in this plan year2025-10-130
Other income to plan in this plan year2025-10-1324661
Plan net income in this plan year2025-10-13211730
Net assets as of the end of the plan year2025-10-13731452
Net assets as of the beginning of the plan year2025-10-13519722
Employer contributions to plan in this plan year2025-10-13190000
Expensese paid to adminstrative service provicers from plan in this plan year2025-10-132931
2024 : PALMER ELECTRIC CASH BALANCE PLAN 2024 401k financial data
Total liabilities as of the end of the plan year2024-09-270
Total liabilities as of the beginning of the plan year2024-09-270
Total expenses incurred by plan in this plan year2024-09-271449
Net assets as of the end of the plan year2024-09-27519722
Total assets as of the beginning of the plan year2024-09-27325010
Participant contributions to plan in this plan year2024-09-270
Other expenses paid from plan in this plan year2024-09-270
Other contributions to plan in this plan year2024-09-270
Other income to plan in this plan year2024-09-279786
Plan net income in this plan year2024-09-27194712
Net assets as of the end of the plan year2024-09-27519722
Net assets as of the beginning of the plan year2024-09-27325010
Employer contributions to plan in this plan year2024-09-27186375
Expensese paid to adminstrative service provicers from plan in this plan year2024-09-271449
2022 : PALMER ELECTRIC CASH BALANCE PLAN 2022 401k financial data
Total transfers to/from plan in this plan year2022-10-060
Total liabilities as of the end of the plan year2022-10-060
Total liabilities as of the beginning of the plan year2022-10-060
Total expenses incurred by plan in this plan year2022-10-060
Net assets as of the end of the plan year2022-10-06147714
Total assets as of the beginning of the plan year2022-10-060
Participant contributions to plan in this plan year2022-10-060
Other expenses paid from plan in this plan year2022-10-060
Other contributions to plan in this plan year2022-10-060
Other income to plan in this plan year2022-10-060
Plan net income in this plan year2022-10-06147714
Net assets as of the end of the plan year2022-10-06147714
Net assets as of the beginning of the plan year2022-10-060
Employer contributions to plan in this plan year2022-10-06147714
Expensese paid to adminstrative service provicers from plan in this plan year2022-10-060

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